Here follows a statement by the Ministry of Finance following Standard & Poor’s decision to review the sovereign ratings update for The Bahamas in light of the Baha Mar bankruptcy protection filing:

The Ministry of Finance has noted the statement by Standard & Poor’s on the sovereign ratings update for The Bahamas, in light of the Baha Mar bankruptcy protection filing in the United States courts. S&P analysts are scheduled to make their regular mission to The Bahamas later this month, at which time they will update their economic and fiscal assessment.

The Ministry of Finance welcomes the favorable review of progress made in improving the fiscal health of the government, particularly through the gains from the introduction of the VAT and disciplined public expenditure. These reforms will continue, in order to anchor a medium-term reduction in the government’s debt burden.

As been emphasized in other official statements, the government is committed to achieving a speedy resolution that would permit the works at Baha Mar to resume and the property to open without much further delay.

In the meantime, it should be noted that medium-term growth prospects for tourism are also grounded in capacity being added at other resorts in New Providence, Grand Bahama, Bimini, Abaco; and in significant investments other Family Islands. The quality and reputation of these resorts are anchored in international brands that will remain strong and continue to attract visitor growth.